505 Susan Dr

West Melbourne, FL 32904

$169,900C

2 bd · 2.0 ba · 864 sqft · Built 1985 · Manufactured · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,722/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$193
• HOA: −$2
• Vac / Maint / Mgmt: −$362
• Net cashflow: $274/mo
• Annual: $3,293/yr
• Cap rate: 8.23%
• Cash-on-cash: 6.92%
• DSCR: 1.31
• 1% rule: 1.01%
• Cash to close: $47,572

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $170k.
• At list price, monthly cash flow is $274 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• It's been on market 37 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $165k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#73 in FL, #1,214 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A; Watch: commute D+, amenities F.
• Brevard (suburban): math 53% / reading 57% proficiency, ranked #19 of 73 in FL (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Meadowlane Primary Elementary School (650 students, 47% FRL); Central Middle School (math 50% / reading 48%, grade C-, #265 of 571 statewide, top 48%, 1,127 students, 53% FRL); Melbourne Senior High School (math 43% / reading 57%, grade D+, #175 of 667 statewide, top 27%, 2,249 students, 31% FRL) — zoned schools at 44% FRL track the district average.
• Market conditions: Rents soft (-0.3%/yr); 304 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 4,602 units permitted in Brevard County in 2024 (702 in 5+ unit buildings).
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 10 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $113k; list at $170k implies a 50% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.